Brokerages Set Canadian Solar Inc. (NASDAQ:CSIQ) PT at $22.03

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have been assigned an average rating of “Hold” from the nine ratings firms that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $20.59.

A number of research analysts have recently commented on the company. Oppenheimer cut their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Roth Mkm cut their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group cut their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th.

Canadian Solar Stock Performance

CSIQ opened at $10.99 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. The company has a market cap of $727.09 million, a PE ratio of 21.55, a price-to-earnings-growth ratio of 3.89 and a beta of 1.34. The stock has a 50-day moving average of $13.92 and a 200-day moving average of $15.18. Canadian Solar has a 52-week low of $10.94 and a 52-week high of $26.85.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The company’s revenue was down 30.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.39 earnings per share. As a group, equities research analysts forecast that Canadian Solar will post 0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CSIQ. Quarry LP bought a new stake in shares of Canadian Solar during the second quarter worth $31,000. Daiwa Securities Group Inc. grew its holdings in shares of Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after purchasing an additional 1,500 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Canadian Solar during the third quarter worth $219,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after purchasing an additional 4,739 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Canadian Solar by 27.6% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock worth $257,000 after purchasing an additional 3,768 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.